SunTrust Banks, Inc. (STI) Position Reduced by Welch & Forbes LLC

Welch & Forbes LLC lessened its stake in SunTrust Banks, Inc. (NYSE:STI) by 5.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,190 shares of the financial services provider’s stock after selling 1,458 shares during the period. Welch & Forbes LLC’s holdings in SunTrust Banks were worth $1,270,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of STI. Vanguard Group Inc. grew its holdings in SunTrust Banks by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 36,403,676 shares of the financial services provider’s stock worth $2,431,401,000 after acquiring an additional 793,283 shares in the last quarter. Vanguard Group Inc grew its holdings in SunTrust Banks by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 36,403,676 shares of the financial services provider’s stock worth $2,431,401,000 after acquiring an additional 793,283 shares in the last quarter. Capital International Investors bought a new position in SunTrust Banks during the 3rd quarter worth about $441,578,000. Alliancebernstein L.P. grew its holdings in SunTrust Banks by 2.1% during the 3rd quarter. Alliancebernstein L.P. now owns 4,254,532 shares of the financial services provider’s stock worth $284,160,000 after acquiring an additional 87,486 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in SunTrust Banks by 11.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,153,537 shares of the financial services provider’s stock worth $210,626,000 after acquiring an additional 324,612 shares in the last quarter. 83.02% of the stock is currently owned by institutional investors.

Several research analysts have issued reports on STI shares. B. Riley set a $79.00 target price on shares of SunTrust Banks and gave the stock a “buy” rating in a report on Monday, October 15th. BMO Capital Markets lowered their price target on shares of SunTrust Banks from $74.00 to $70.00 and set a “market perform” rating on the stock in a report on Monday, October 22nd. Edward Jones upgraded shares of SunTrust Banks from a “hold” rating to a “buy” rating in a report on Wednesday, October 31st. ValuEngine cut shares of SunTrust Banks from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Finally, Credit Suisse Group lowered their price target on shares of SunTrust Banks from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, December 7th. Fourteen research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. SunTrust Banks currently has a consensus rating of “Hold” and a consensus price target of $72.02.

Shares of NYSE:STI traded up $0.75 during trading on Tuesday, reaching $65.52. The stock had a trading volume of 127,363 shares, compared to its average volume of 5,805,958. SunTrust Banks, Inc. has a one year low of $46.05 and a one year high of $75.08. The stock has a market capitalization of $23.99 billion, a P/E ratio of 11.49, a P/E/G ratio of 1.32 and a beta of 1.51. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.94 and a current ratio of 0.95.

SunTrust Banks (NYSE:STI) last released its quarterly earnings results on Friday, January 18th. The financial services provider reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.10. SunTrust Banks had a net margin of 26.61% and a return on equity of 12.40%. The business had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.37 billion. During the same period last year, the business earned $1.09 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. On average, research analysts forecast that SunTrust Banks, Inc. will post 5.87 EPS for the current year.

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About SunTrust Banks

SunTrust Banks, Inc operates as the holding company for SunTrust Bank that provides various financial services for consumers, businesses, corporations, and institutions in the United States. It operates through two segments, Consumer and Wholesale. The Consumer segment provides deposits and payments; home equity and personal credit lines; auto, student, and other lending products; credit cards; discount/online and full-service brokerage products; professional investment advisory products and services; and trust services, as well as family office solutions.

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Institutional Ownership by Quarter for SunTrust Banks (NYSE:STI)

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